Amidst the economy slowdown, the Aon Salary Increase Survey 2020 has come up with an alarming finding. The Indian companies will offer an average salary hike of 9.1 percent in Year 2020, which will make it the lowest single digit appraisal in the decade.
For the 24th edition of its annual Salary Increase Survey in India, Aon analysed data across 1,000 plus companies from more than 20 industries.
According to the survey, companies in India gave an average pay increase of 9.3% during 2019, reflecting a slowdown in the economy compared to 2018. The projection for 2020 is down by 20 basis points to 9.1%. However, two out of five participating companies in the survey are indicating a double-digit increase.
Despite the gloomy outlook, India stands as a leader in the Asia-Pacific (APAC) region by offering the highest salary increase continuing the past trend. China stands second with projected salary hikes of 6.3 percent followed by Philippines at 5.8 percent. Japan stands at the bottom with salary hike as low as 2.4 percent.
Tzeitel Fernandes, Partner, Rewards Solutions at Aon said , “A big reason for India's higher salary increase, as compared to other growing economies, is the high inflation rate; the demand for talent and niche skills; and managing attrition."
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